Looking at almost all of the steep selloffs, they were presaged by a high number - usually 120 to 160 in favor of the OTC volume. And the 1-year and 5-year highs occurred almost to the day, as January 11 of this year (as well as Feb.2) marked a short term top, and, respectively, July 1 of '02 preceded a 1,000 point drop, albeit several weeks after the ultimate top. Looking at lesser tops in '04 and '05 confirmed this signal.
Having said that, the only other Indicators that are not benignly mid-range are Bullish: the Barron's Panic/Euphoria ratio at -.63, Public to Specialist shorting near all time highs at 5.67; and the Nova to Ursa Rydex fund ratio back into the teens.
Let momentum (and tight stops) be your guide until this clears up.
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